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Afterpay Limited FY20 Annual Report Highlights

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Afterpay Limited FY20 Annual Report Highlights evolution. Afterpay Limited FY20 Annual Report Highlights Performance Key Financial Metrics highlights. Group Total $519.2 million Key Operating Metrics Income Up 97% on prior year $11.1b Up 112% Afterpay $5.2b Afterpay Underlying Total $502.7 million 1 Sales1 Income Up 103% on prior year FY19 FY20 9.9m Group Up 116% Net Transaction $261.3 million Margin 2 Up 101% on prior year Afterpay 4.6m Active 1, 2 Customers 3 Afterpay 2.3% FY19 FY20 Net Transaction $250.2 million Margin Up 110% on prior year 55.4k Up 72% 32.3k Afterpay Change calculations may not EBITDA equate due to rounding. Active Notes: 1. Unaudited information. (excluding $44.4 million 2. Active is defined as having 1, 2 transacted at least once in the Significant items) Up 73% on prior year Merchants last 12 months. FY19 FY20 Change calculations may not equate due to rounding. Notes: 1. Afterpay Total Income includes Afterpay Income and Other Income (Late Fees), excludes Pay Now Revenue. 2. Group Net Transaction Margin is equal to Afterpay Net Transaction Margin and Pay Now Gross Margin. 3. Afterpay Net Transaction Margin as a percentage of 2 Afterpay Underlying Sales. 3 Performance Key Financial Metrics highlights. Group Total $519.2 million Key Operating Metrics Income Up 97% on prior year $11.1b Up 112% Afterpay $5.2b Afterpay Underlying Total $502.7 million 1 Sales1 Income Up 103% on prior year FY19 FY20 9.9m Group Up 116% Net Transaction $261.3 million Margin 2 Up 101% on prior year Afterpay 4.6m Active 1, 2 Customers 3 Afterpay 2.3% FY19 FY20 Net Transaction $250.2 million Margin Up 110% on prior year 55.4k Up 72% 32.3k Afterpay Change calculations may not EBITDA equate due to rounding. Active Notes: 1. Unaudited information. (excluding $44.4 million 2. Active is defined as having 1, 2 transacted at least once in the Significant items) Up 73% on prior year Merchants last 12 months. FY19 FY20 Change calculations may not equate due to rounding. Notes: 1. Afterpay Total Income includes Afterpay Income and Other Income (Late Fees), excludes Pay Now Revenue. 2. Group Net Transaction Margin is equal to Afterpay Net Transaction Margin and Pay Now Gross Margin. 3. Afterpay Net Transaction Margin as a percentage of 2 Afterpay Underlying Sales. 3 About Afterpay Founded five years ago in Sydney, Afterpay is deeply committed to Australia, Afterpay has over 10 million delivering positive outcomes for customers and 55,000-plus merchants customers. The majority of Afterpay’s now using the platform globally across income is derived from merchants, Australia, US, UK (where it is called rather than customers. If a customer Clearpay) and New Zealand. Afterpay misses a payment, they won’t be able has also just launched in Canada. to use Afterpay until the payments Afterpay’s global team is currently are up-to-date. Late payment fees are made up of more than 650 people charged but are fixed, capped and do and growing. not accumulate over time. Customers Afterpay’s business model is are never entrapped in revolving completely free for customers who debt and never incur interest. We are pay on time – helping people spend focused on supporting our community responsibly without incurring interest, of shoppers. fees or extended debt. Afterpay We trust in the next generation and empowers customers to access the share a vision of a more accessible things they want and need, while still and sustainable world in which people allowing them to maintain financial are rewarded for doing the right thing. wellness and control, by splitting Afterpay’s mission is to power an payments in four, for both online economy in which everyone wins. and in-store purchases. 4 5 About Afterpay Founded five years ago in Sydney, Afterpay is deeply committed to Australia, Afterpay has over 10 million delivering positive outcomes for customers and 55,000-plus merchants customers. The majority of Afterpay’s now using the platform globally across income is derived from merchants, Australia, US, UK (where it is called rather than customers. If a customer Clearpay) and New Zealand. Afterpay misses a payment, they won’t be able has also just launched in Canada. to use Afterpay until the payments Contents Afterpay’s global team is currently are up-to-date. Late payment fees are made up of more than 650 people charged but are fixed, capped and do and growing. not accumulate over time. Customers 2 Highlights Afterpay’s business model is are never entrapped in revolving completely free for customers who debt and never incur interest. We are pay on time – helping people spend focused on supporting our community 6 FY20 in Review responsibly without incurring interest, of shoppers. fees or extended debt. Afterpay We trust in the next generation and 24 Directors’ Report empowers customers to access the share a vision of a more accessible things they want and need, while still and sustainable world in which people 52 Remuneration Report allowing them to maintain financial are rewarded for doing the right thing. wellness and control, by splitting Afterpay’s mission is to power an 84 Financial Report payments in four, for both online economy in which everyone wins. and in-store purchases. 140 Auditor’s Report 4 5 FY20 in Review Letter from the Chair and are one We We have of the top 50 operate in transitioned from a top 300 to a largest 2020 in companies 5 The Afterpay top 100 Evolution company in Australia by countries market cap Review. The past five years has seen the company scale rapidly and it has had to mature quickly to keep up with the expectations of our stakeholders. As such, the Dear Shareholders, business has evolved substantially over this time, which has been We have grown At the outset, I would like to thank all both challenging and rewarding. from <30 employees We have had Our customers of our employees for their amazing in FY16 to five years of Our merchant partners efforts while working under the often >650 operations which Our regulators, and the challenging conditions brought about has helped us better Expectations of our understand: Communities by COVID-19. Across all our locations, employees all of our people adapted to the changed in FY20 circumstances and remained focused and committed on providing the best service for all our stakeholders. Afterpay continued its strong Our performance throughout FY20 Our FY20 achievements are a Our people are our greatest asset. The team at Afterpay have one thing Remuneration momentum in the 2020 financial year, demonstrates the power of our testament to the amazing team The Afterpay team has expanded in common – they are extremely despite the impacts being felt globally differentiated model and our ability to at Afterpay. The commitment and significantly over the past five years. passionate about the business and the As disclosed in our FY19 Remuneration as a result of the COVID-19 pandemic. adapt despite adversity in economic passion of our employees is reflected With more than 650 employees, value proposition to our customers Report, we developed a new Our employees, customers, merchant and social conditions. We have in the successful execution of our how we manage the wellbeing and and retailers. Over the past 12 months, remuneration framework for FY20. partners and shareholders have all continued to provide a budgeting strategy over the past five years. retention of our highly talented teams, there has been a considerable focus Our global compensation framework been impacted. The second half of solution to our growing Gen Z and It is important to reflect on what has whilst continuing to attract new talent, on growing the capacity and capability has been designed to attract the best the financial year was firmly focused Millennial customer cohorts, which been achieved in a relatively short is of utmost importance. of our teams, and ensuring we are well talent and treat people fairly. We strive on the wellbeing of our people and enables them to pay for goods in four period of time. I thank all our talented equipped to deliver our significant to be globally consistent and market providing support to our stakeholders instalments, without incurring interest employees for everything they have growth aspirations. competitive while respecting local market nuances. Our framework wherever possible. The true impacts or revolving debt. done, and continue to do, to deliver Accompanying this rapid growth is underpinned by the philosophy of COVID-19 are yet to become clear A business model in which profitability value for both our shareholders and of our workforce has been a number of ‘Acting as Owners’ and delivering within communities around the world. relies on customers paying on time stakeholders alike. of renewed policies and processes, strong outcomes for our customers, In the meantime, we will remain is extremely valuable in periods of which ensure what we have in place merchants and shareholders. flexible in our management of the economic uncertainty. This has been is fit for purpose. There have also business day to day whilst progressing evidenced through the continued Our People been a range of areas identified The Remuneration Report outlines our strategic objectives. decline in credit card usage and the where we can improve our employee our new FY20 executive remuneration continued shift towards debit during are what value proposition. framework in detail as well as the pandemic. Having a business remuneration outcomes for the FY20 that is heavily weighted towards makes us financial year. e-commerce has been particularly beneficial with the ever increasing great shift to online spending. This delivered more customers to our platform and attracted more retailers to our offering.
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